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How much crypto did North Korean hackers, allegedly backed by the government, steal in 2022?

North Korea

TL;DR Breakdown

  • How much did the North Korean hackers steal?
  • The hackers stole more than $1 billion in 2022
  • Chainalysis establish ties between North Korea and the hackers

A United Nations report has fingered hackers allegedly backed by the North Korean government as the group with the highest crypto loot in 2022. The report, sent to Reuters, has been forwarded to a committee investigating and looking into sanctions in North Korea. According to the document, the hackers were able to steal about $1 billion by breaching the defense of networks of companies outside the region.

The hackers stole more than $1 billion in 2022

According to the document, hacks that occurred last year were more technical than in previous years. The sophistication of the hacks made recovering the funds and assets hard to track. In the report, the UN council mentioned that North Korea deployed sophisticated methods to breach the securities of several networks that were in the finance industry.

Asides from that, the hackers were said to have breached networks to steal sensitive information and use it to further the development of its weapons systems. This is the second report pointing an accusing finger at North Korean hackers over most of the thefts in the crypto market. The recent Chainalysis report mentioned that the hackers stole digital assets worth over $1 billion last year, making it a statement year for hacking in the industry.

Chainalysis establish ties between North Korea and the hackers

Chainalysis mentioned that the hackers were consistent in the last three years, carrying out their dastardly attacks without remorse. They have also been termed the most prolific in breaching and stealing funds, crypto, and sensitive information. In the Chainalysis report, the firm noted that crypto hacking represents a bigger portion of the North Koreas economy because the country exported just a little bit above $140 million worth of products in 2020.

A deeper dive into the details showed that the North Korean hackers were the pile drivers of the DeFi hacks that got worse last year. In order to show the context, the hackers stole a bigger chunk of their loot from platforms in the decentralized finance sector. The North Korean hackers were also frequent users of the Tornado Cash platform, using it to mix up stolen funds. Chainalysis also noted that the group has been mixing the highest funds compared to single hackers or other groups.

North Korea has always pleaded innocence in the face of hack accusations. However, there have been claims that the country’s government uses several malicious groups for dirty work. The UN report expressly said that most of the funds and information the criminals steal are used for the country’s good. With the present report always in the hands of the Committee, it will be made available to the general public in the next few weeks.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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